bmcfadzen
New Member

I have a large capital loss due to company going bankrupt. How is that reported/captured by Turbo Tax

 
ToddL
New Member

Get your taxes done using TurboTax

Did you own stock in the company?
ToddL
New Member

Get your taxes done using TurboTax

If you owned stock in a company that went bankrupt and the stock became worthless, enter it as a sale of stock in the Stock, Mutual Funds, Bonds & Other interview of Federal Taxes > Wages & Income > Investment Income.

https://ttlc.intuit.com/replies/4789435

Richard Thompson1948
Returning Member

Get your taxes done using TurboTax

Don't own stock, it was a start up company.

Richard Thompson1948
Returning Member
HelenC12
Employee Tax Expert

Get your taxes done using TurboTax

Enter it in the investment sales (disposition) section of TurboTax.

 

When you sell stocks, bonds, mutual funds, or other securities, you should get Form 1099-B.  

 

But what about non-security investment sales like coins, collectibles, timber, land, or a second home? Here's how you enter those:

  1. Open (continue) your return in TurboTax.
  2. In the search box, search for investment sales then select the Jump to link in the search results.
  3. Answer Yes to the question Did you sell stocks, mutual funds, bonds,  or other investments in 2019?
    • If you land on the Here's the investment sales we have so far screen, select Add More Sales.
  4. Answer No to the 1099-B question.
  5. On the next screen, select the type of sale you had (like second home, collectible, or land) and Continue.
  6. Continue following the onscreen instructions to enter the sale.

Source: TurboTax FAQ

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